NY - Gas Futures Rise on Refinery Problems, Crude Slip

greenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

[Fair use for education and research purpose only]

Apr 6, 2000 - 06:08 PM

Title: Gasoline Futures Rise on Refinery Problems, Crude Prices Slip

The Associated Press

NEW YORK (AP) - Prices of futures contracts for gasoline rose Thursday on the New York Mercantile Exchange because of refinery problems that could cut production, but crude oil contracts lost ground after failing to extend Wednesday's gains.

Gasoline for May delivery rose 0.54 cent to close at 80.00 cents a gallon on the Nymex.

Reports of the shutdown for unscheduled maintenance of a reformer at a BP Amoco refinery in Texas helped support gasoline prices. Earlier this week, BP Amoco reported a fire on a reformer at a Utah refinery.

Reformers are used in the refining process to help produce high-octane gasoline components.

Contracts for May delivery of West Texas Intermediate crude fell 14 cents to close at $25.69 a barrel.

Following a selloff during the past few weeks, oil had climbed 38 cents on Wednesday. But prices fell Thursday when traders were unable to push crude above $26 a barrel.

Oil, which surged as high as $34.37 a barrel in trading on March 8, has been retreating on promises by world oil producers to increase production.

In other Nymex contracts, May heating oil fell 0.15 cent to 66.00 cents a gallon and May natural gas gained 6.8 cents to $2.956 per 1,000 cubic feet.

Brent oil from the North Sea fell 30 cents to close at $23.45 a barrel on the International Petroleum Exchange in London.

AP-ES-04-06-00 1802EDT ) Copyright 2000 Associated Press.



-- (Dee360Degree@aol.com), April 06, 2000

Moderation questions? read the FAQ